On Friday, the wheat market showed mixed trends, with Chicago SRW wheat rising 5 to 7 cents, KC HRW contracts gaining up to 2 cents, and MPLS spring wheat mixed with September up ½ cent. Traders anticipate a total of 45.4 million acres for all wheat in the upcoming report, with 10 million acres for spring wheat and 2 million for durum.
June 1 wheat stocks are projected at 836 million bushels, slightly down from the June WASDE estimate. Export commitments reached 6.608 million metric tons as of June 19, marking a 5-year high, representing 29% of the USDA’s full year forecast. South Korean mills purchased 82,000 metric tons of U.S. wheat overnight.
Statistics Canada indicates Canadian wheat acreage at 26.925 million acres, up 1% from last year. Summer wheat acreage is expected to decrease by 0.7% to 18.809 million acres, while durum is projected to rise by 2.69% and winter wheat by 244,000 acres.
